2021-27 Global EV Charging Pile Market Grows 20% CAGR

According to a report by Astute, the global electric vehicle charging pile (EVCS) market is expected to record revenue of $93 billion by the end of 2027, with a CAGR of nearly 20%
during the period.

Analytical studies show that 819,000 EVCS were sold in 2019, and this number is growing
at a CAGR of 17.
5%.
The report highlights that the high costs involved in EVCS infrastructure construction are hampering the overall market growth
.
For different kinds of vehicles, such as two-wheelers, tricycles, passenger cars, and commercial vehicles, different types of charging infrastructure
are required.
Moreover, the use of fast and wireless chargers is expected to increase
significantly in order to provide a better consumer experience.

In addition, electricity is necessary
for the construction, financing, maintenance and operation of power plants and power grids.
The cost of electricity required for EVCS also fluctuates
regularly.
One of the biggest challenges facing the EVCS market is the rapid deployment of ever-changing technologies, as the adoption of new technologies such as wireless charging, vehicle-to-grid (V2G), and vehicle-to-everything (V2X) charging technologies will also impact cost infrastructure
.

According to the analysis, charging infrastructure components for Level 2 commercial chargers cost between $2,500 and $7,210, while 50kW fast DC charging infrastructure costs between
$20,000 and $35,800.

There are several types of EV chargers on the market, including slow chargers with less than 22 kW and fast chargers
with more than 22 kW.
However, Astute said the latter is growing
at the highest CAGR of 27.
8% during the forecast period due to its ability to reduce charging times.
CCS is the most popular connector protocol because it provides reverse power transfer, inductive charging, and wireless charging
.
The connector agreement was worth $12,640.
2 million in 2019 and has a market share
of approximately 55%.

Astute noted that commercial use is growing faster than the residential sector due to the deployment of charging stations in office areas and dominates the market with a market share of about 80% in 2019
.
Germany, Canada and France continue to invest in promoting the use of
electric vehicles in public transport.
Between AC and DC charging, the latter is growing at a CAGR of 20.
3%,
the report said.

This is because the DC charger can bypass the internal charger and directly power
the vehicle battery.
In addition, DC fast chargers convert AC power to DC within the charging station and supply DC power directly to the battery, enabling faster charging
.

From the perspective of the regional market, Asia Pacific became the leading region
in 2019 with a market share of about 80% due to the massive expansion of EV charging networks in China, growing demand for electric vehicles for daily use, and government support to drive the adoption of EVs.

In addition, China's advanced electrification technology and the initiatives of the Japanese and South Korean governments to increase the number of EV charging stations have boosted the market in the Asia-Pacific region
.
In addition, China will expand investment to develop charging infrastructure
.